The US Census Bureau of the Department of Commerce announced Wednesday that construction spending during November 2012 was estimated at a seasonally adjusted annual rate of $866.0 billion, 0.3 percent below the revised October estimate of $868.2 billion. The November figure is still 7.7 percent above the November 2011 estimate of $804.0 billion. During the first 11 months of 2012, construction spending amounted to $781.4 billion, 9.2 percent above the $715.4 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent below the revised October estimate of $590.8 billion. Residential construction was at a seasonally adjusted annual rate of $295.3 billion in November, 0.4 percent above the revised October estimate of $294.2 billion. Meanwhile, nonresidential construction was at a seasonally adjusted annual rate of $294.5 billion in November, 0.7 percent below the revised October estimate of $296.5 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 0.4 percent below the revised October estimate of $277.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, nearly the same as the revised October estimate of $66.8 billion, and highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.5 percent above the revised October estimate of $77.4 billion.
